22 Dec 2006debt financing● Neutral
Toreador drew $5.55 million under its Texas Capital Bank credit facility for general corporate purposes.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2006debt financing▲ GoodMajor
Amid the ongoing restatement, Toreador reported a major appraisal success: the Akcakoca-3 well flow-tested at 18 million cubic feet of gas per day from one zone in the Black Sea, with a Hungary re-entry well and a Romania well also progressing - the South Akcakoca gas play was proving out even as the accounting picture worsened.
11 Dec 2006debt financing● Neutral
Toreador drew $8 million under its Natexis revolving facility to fund Turkey and Hungary operations.
1 Dec 2006listing compliance notice▼ BadMajor
Toreador pushed back the filing of its restated financials to January 11, 2007 - the same date set for its Nasdaq delisting hearing.
22 Nov 2006financial restatement▼ BadMajor
The restatement widened further still, now also covering fiscal 2003 and 2004 financial statements.
20 Nov 2006listing compliance notice▼ BadMajor
Nasdaq issued a deficiency letter over Toreador's late third-quarter 10-Q, driven by the ongoing restatement; the company requested a hearing to avoid delisting.
8 Sept 2006financial restatement▼ BadMajor
The restatement widened to cover all of fiscal 2005 plus the first two quarters of 2006, including reclassifying Black Sea drilling costs - a deepening accounting problem.
8 Aug 2006financial restatement▼ BadMajor
Even as it reported strong second-quarter results and on-track reserves for its new South Akcakoca gas discovery, Toreador disclosed it would restate first-quarter 2006 financials to reverse a $1.5 million loss-contingency charge and capitalize interest tied to its Turkey development program.
7 June 2006auditor change● Neutral
Grant Thornton LLP was engaged as Toreador's new independent auditor, replacing Hein & Associates.
5 June 2006material agreement● Neutral
Toreador granted 40,000 restricted shares each to two senior technical executives as retention compensation.
19 May 2006auditor change▼ Bad
Auditor Hein & Associates resigned after completing its first-quarter 2006 review, having previously flagged internal-control material weaknesses for fiscal 2004.
12 May 2006material agreement● Neutral
Shareholders approved expanding Toreador's long-term incentive plan share pool from 250,000 to 750,000 shares.
12 Apr 2006material agreement● Neutral
A departing director's restricted-stock vesting was accelerated after he was not renominated to Toreador's board.
3 Apr 2006capital raising announcement● Neutral
PHD Partners converted the remaining balance of the debenture, completing its full conversion to equity.
29 Mar 2006capital raising announcement● Neutral
PHD Partners converted another $33,750 of the debenture into 5,000 shares.
24 Mar 2006capital raising announcement● Neutral
PHD Partners converted a further $135,000 of the debenture into 20,000 more shares.
17 Feb 2006capital raising announcement● Neutral
Investor PHD Partners began converting Toreador's outstanding convertible debenture into stock, converting about $135,000 into 20,000 shares.
24 Jan 2006capital raising announcement● Neutral
Another legacy Madison Oil merger warrant was exercised for a small block of shares.
9 Jan 2006capital raising announcement● Neutral
Toreador issued restricted stock and a warrant to a consulting firm for services performed.
20 Dec 2005capital raising announcement● Neutral
A small warrant tied to a charitable gift to Georgetown University was exercised for 400 shares.
4 Nov 2005capital raising announcement● Neutral
Toreador raised an executive's salary and processed a small legacy warrant exercise.
6 Oct 2005capital raising announcement▲ Good
Buyers exercised their option on the remaining $11.25 million of convertible notes, bringing the September 2005 note offering to its full $86.25 million.
28 Sept 2005capital raising announcement▲ GoodMajor
Toreador issued $75 million of 5.00% Convertible Senior Notes due 2025, with a 30-day option for buyers to take an additional $11.25 million - a major capital raise to fund its international growth.
22 Sept 2005capital raising announcement▲ GoodMajor
Toreador raised about $25 million selling 806,450 shares to institutional investors at $31 per share.
What it means for a shareholder
806,450 new shares at $31.00 to raise about $25.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
1 Sept 2005capital raising announcement● Neutral
A legacy Madison Oil merger warrant was exercised for a small block of shares.
15 Aug 2005capital raising announcement● Neutral
Toreador drew $5 million under its Natexis revolving credit facility to fund Turkey operations.
13 July 2005capital raising announcement● Neutral
Toreador issued lender Natexis a warrant for 50,000 shares as part of the 2005 French credit facility terms.
17 June 2005asset acquisition disposition▲ GoodMajor
The Pogo Hungary acquisition closed for $9 million, giving Toreador roughly 764,000 acres of exploration permits and a partially delineated gas field in Hungary.
13 June 2005material agreement● NeutralMajor
Toreador agreed to buy Pogo Hungary Oil and Gas Exploration from Pogo Overseas Production, its first move into Hungary.
24 Feb 2005capital raising announcement● Neutral
French government approval came through for the $15 million Natexis revolving credit facility agreed in December 2004, finalizing that credit line.